The host of the popular Coin Bureau YouTube channel, Guy Turner, has shared his bullish outlook on Fantom (FTM), an Ethereum (ETH) competitor. With over 2.47 million subscribers, Turner believes that Fantom has the potential for significant upside based on his technical analysis. He points to a wonky head and shoulders pattern on the weekly chart that resembles a topping pattern seen in late 2021, indicating the possibility of a further price increase.
According to Turner, Fantom could see a surge of approximately 98%, potentially reaching $1.60 in the short to medium term. He notes that this price level may face resistance from previous bull market bag holders but remains optimistic about the coin’s performance. Fantom is currently trading at $0.810, presenting an attractive entry point for investors looking to capitalize on potential gains.
Turner highlights several factors that support his bullish thesis on Fantom, including its low price tag, modest market cap, and minimal sell pressure from vested investors and the team. He also mentions the considerable runway for growth provided by the Fantom Foundation. However, Turner notes that Fantom lacks a compelling narrative that resonates with retail investors, as well as broader accessibility through platforms like Coinbase. He speculates that changes in US regulations could potentially lead to Fantom being listed on more mainstream exchanges in the future.
In conclusion, Turner’s positive outlook on Fantom underscores the coin’s potential for growth and price movement in the near future. Despite facing resistance at key levels, Fantom’s strong fundamentals and market dynamics position it as a promising investment opportunity. As the cryptocurrency market continues to evolve and adapt to changing regulatory environments, Fantom’s success may be further bolstered by increased retail adoption and accessibility on popular trading platforms. Investors interested in capitalizing on the potential upside of Fantom should keep a close eye on price movements and market developments to make informed investment decisions.
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